UPDATE 2-Shire flags new drugs in AstraZeneca-style defence to AbbVie

Mon Jun 23, 2014 12:16pm EDT
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* Long-range forecasts for drugs a central plank of defence

* Vyvanse for binge eating, new eye drug among highlights

* Deals could push 2020 sales "way north" of $10 bln -CEO

* Credit Suisse analysts currently peg 2020 sales at $8 bln

* $46 bln offer from AbbVie rejected as undervaluing group (Adds closing shares, Breakingviews link)

By Ben Hirschler

LONDON, June 23 (Reuters) - Shire flagged the promise of existing and new drugs on Monday as evidence that AbbVie's $46 billion offer undervalued the company, the latest British firm to be targeted by a U.S. group seeking lower taxes.

Shire is taking a leaf out of AstraZeneca's playbook by disclosing long-range internal forecasts - a tactic used successfully by its larger London-listed rival in fending off a $118 billion bid from Pfizer.

Chief Executive Flemming Ornskov said on Monday that current products would generate sales of at least $7 billion by 2020, with $3 billion more coming from drugs still in the pipeline.   Continued...